In order to bring balance between profitability & retaining long-term customers, analytics acts like GPS, i.e. helps to be on track and pings when you go off. Therefore, fostering a culture of fact-based decisions in the organization has become important. This helps the organization to find the right direction, understand the trade-offs, etc to stand out the best in today’s cut-throat competition.
The data management program consists of the following sections:
Traditionally, the role of analytics was only confined to the departments like finance, operations, and marketing at the most, however, the time demands to work all the relevant departments using analytics. For instance, over time when online and social media reviews and ratings would decide hotel’s occupancy and rates, then the operations and marketing department would require to work very closely to know what the customer is saying.